tag:www.econsultancy.com,2008:/topics/digital-strategy Latest Digital Strategy content from Econsultancy 2016-09-22T10:00:00+01:00 tag:www.econsultancy.com,2008:Report/4244 2016-09-22T10:00:00+01:00 2016-09-22T10:00:00+01:00 Digital Intelligence Briefing: Succeeding in the Omnichannel Age <p>The <strong>Succeeding in the Omnichannel Age</strong> report, produced by Econsultancy in association with <a href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, looks at the extent to which organisations take an integrated approach to marketing across different channels and use cross-channel campaign management tools.</p> <p>The report is based on a global survey of 2,065 digital marketers and ecommerce professionals carried out in July and August 2016, and follows up on a similar waves of research from <a title="Quarterly Digital Intelligence Briefing: The Multichannel Reality" href="https://econsultancy.com/reports/the-multichannel-reality/">2015</a> and <a title="Channels in Concert: Trends in Integrated Marketing" href="https://econsultancy.com/reports/quarterly-digital-intelligence-briefing-integrated-marketing/">2013</a>.</p> <p>The following sections are featured in the report:</p> <ul> <li>Mixed progress on the path to integration</li> <li>Solving the data challenge</li> <li>The omnichannel imperative</li> <li>Behind the mobile curve</li> <li>Operationalising the real-time experience</li> <li>Campaign management tools: the state of play</li> </ul> <h3> <strong>Findings</strong> include:</h3> <ul> <li>While companies are 29% more likely to take an integrated approach to all their campaigns across all channels compared to last year, the proportion of those saying that none of their marketing campaigns are integrated has more than doubled over the last three years.</li> <li>It’s clear that data deficiencies exist, with only 12% being able to join online and offline data and just a quarter claiming to have a single customer view.</li> <li>More than half of organisations have separate technologies for managing data across channels. These separate technologies are the most significant barrier to integration (51%), followed by the inherently linked problem of disparate data sources (40%).</li> <li>Only 5% of those surveyed say they have a single platform that manages data across multiple channels and these companies are twice as likely to take an integrated approach to all campaigns across all channels as those with separate technologies.</li> <li>Omnichannel marketing is well-supported at a senior level, with only 15% saying that buy-in is a top-three barrier, and 5% ranking it as the biggest obstacle.</li> </ul> <p><strong>Download a copy of the report to learn more.</strong></p> <h4> <strong>Econsultancy's Quarterly Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/solutions/digital-marketing.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefings">here</a>.</strong> </h4> tag:www.econsultancy.com,2008:BlogPost/68301 2016-09-19T15:40:00+01:00 2016-09-19T15:40:00+01:00 Instant messaging: An introduction to the future of communication Blake Cahill <p>For those of you that don’t know – I’ll assume you must have been trapped on a desert island for the past few years – instant messaging (IM) is a catch-all name for a range of different services that primarily provide users with the opportunity to engage in real-time communication.</p> <p>Typically led by text conversation, messengers often also provide a range of additional functionality that varies wildly from provider to provider.</p> <p>This additional functionality has, on some platforms, led to them being considered as full-blown social media networks, on a par with Facebook, Twitter and other platforms.</p> <p>In 2015, mobile phone messaging apps were used by 1.4bn consumers and eMarketer predicts that, by 2018, the number of chat app users worldwide will reach 2bn, representing 80% of smartphone users worldwide.</p> <p>In a nutshell, it’s only a matter of time before everyone and their granny, in practically every country on the planet, are using IM.</p> <h3>So who are the Big Players?</h3> <p><strong>WhatsApp</strong></p> <p>Owned by Zuckerbeg &amp; Co. and with over 1bn users, most of which are tech savvy millennials, WhatsApp is the clear front-runner in the IM community and the only truly global IM service with any significant uptake in all continents around the world.</p> <p>Offering text chat, voice recording, media sharing, group broadcasts and a robust network, you would surely bet your house on this IM giant being the one to pave the way for the future of IM [insert smiley face emoticon].</p> <p><img src="https://assets.econsultancy.com/images/resized/0004/4627/whatsapp-facebook-blog-flyer.jpg" alt="whatsapp" width="300"></p> <p><strong>Facebook Messenger</strong></p> <p>Formed from the online chat function of the social network, Facebook Messenger has made real inroads in the EMEA and US regions with over 800m users.</p> <p>However it’s clear that with certain restrictions in places such as Asia, its move out of these two markets and into the APAC region will be a tough one to tackle. </p> <p><strong>WeChat</strong></p> <p>With 650m users, primarily in the APAC region, <a href="https://econsultancy.com/blog/67490-10-things-you-didn-t-know-about-wechat/">WeChat</a> is, significantly, dominant in the Chinese market offering users the chance to chat in a ‘walkie talkie’ style conversation, as well as other typical features such as group chats and video calls.</p> <p>WeChat is also a social network and an extendable transactional platform. It gives its users the opportunity to shop, talk to brands, order taxis (its ‘Didi Dache’ service is essentially China’s Uber) and read the news.</p> <p>WeChat is also the only social platform 80% of Chinese millennials use every day.</p> <p><em>WePay</em></p> <p><img src="https://assets.econsultancy.com/images/0007/1483/wepay.png" alt="wepay" width="615"></p> <p><strong>kik</strong></p> <p>With over 240m users, kik has its biggest presence in the US with an impressive 42% of US users being between 16-24 years old.</p> <p>It’s a promising start, however kik has seen very little uptake out of the US and it’s still dwarfed by the progress of WhatsApp and Facebook Messenger for the moment at least.</p> <p><strong>Others?</strong></p> <p>Though there are some exceptions to this global picture – KakaoTalk is the most popular chat app in South Korea, for example, while Line dominates in Japan, Thailand and Taiwan – there’s no doubt that it’s Facebook that’s winning the race so far.</p> <p>And before you say, “but what about Snapchat?!”, though this service is doing some serious business with teens in the UK and USA (over 40% use it), one a global level it’s still early days with only 7% market penetration.</p> <h3>The future of IM</h3> <p>With the landscape of IM changing and its scope reaching all aspects of the user's life, both personal and professional, it’s clear to see that IM offers real opportunities for businesses to get involved – but how will this play out? </p> <p>Firstly, IM is not a place to advertise, it’s a place for marketing. It gives us a powerful new space for brands to change the way consumers think about retail and customer service.</p> <p>The promise of IM is that if offers a near perfect form of personal, intimate, <a href="https://econsultancy.com/blog/67767-will-conversational-marketing-become-a-reality-in-2016/">direct link between brands and customers</a>.</p> <p>Facebook Messenger has already started to make real inroads in expanding the capabilities of its own IM platform, recently announcing the introduction of so-called <a href="https://econsultancy.com/blog/67894-what-are-chatbots-and-why-should-marketers-care/">chatbots</a>.</p> <p><img src="https://assets.econsultancy.com/images/resized/0007/7478/kiksephora-blog-flyer.png" alt="sephora chatbot" width="300"></p> <p>Similar (but arguably less advanced AI) has been prevalent in WeChat and other channels previously, but inclusion in Facebook Messenger is likely to see increased quality of functionality.</p> <p>Chatbots will offer the ability for businesses to create bespoke responses based on natural language input. </p> <p>As the use and complexity of chatbots expand, users will find themselves being able to order goods simply by messaging the brand – as users of WeChat are already doing – receive tailored news updates based around your interest and even control connected smart devices.</p> <p>The future of commerce and customer service could well be a hybrid of IM as it steadily becomes our primary way to interact with companies, buy things, provide service and build loyalty.</p> <p>As the big players (and the many smaller innovators) continue to expand and develop the platforms’ potential, it’s safe to say we’re only at the beginning of what looks to be a long and interesting road.</p> tag:www.econsultancy.com,2008:BlogPost/68291 2016-09-16T16:00:00+01:00 2016-09-16T16:00:00+01:00 Healthcare marketing salaries drop, but employees content Patricio Robles <p>The average salary dropped from $142,900 in 2015 to $139,200, a dip of 2.6%.</p> <p>The highest average in the past six years came in 2013, when the average salary hit $143,600. Even so, MM&amp;M noted...</p> <blockquote> <p>It's worth considering, for example, whether the big jumps in average salary in 2013 (when it rose from $132,600 to $143,600) and 2015 (from $135,700 to $142,900) might have been statistical hiccups.</p> <p>Otherwise...there's a consistent upward salary trajectory starting in 2011 ($129,000) and continuing through 2016. Are there consistent double-digit percentage leaps of the sort seen in, say, the tech industry? No, but neither is there the depressing downward grind seen within any number of other businesses.</p> </blockquote> <p><img src="https://assets.econsultancy.com/images/0007/9127/cssfigure1_1043161.jpg" alt="" width="500" height="625"></p> <p>At $152,000, $137,300 and $129,800, respectively, average salaries were highest at manufacturers, agencies and suppliers, and lowest in media for healthcare professionals ($105,700).</p> <p>Healthcare marketers in media for consumers and professionals did, however, see the biggest jumps in average salary last year.</p> <p>On a market sector basis, no sector has registered an increase in average salary this year, and the only increase in average salary by company revenue was seen at companies with less than $5m in revenue. </p> <h3>Money isn't everything</h3> <p>Despite the fact that salaries aren't rising at a clip seen in other industries, healthcare marketers generally seem content.</p> <p>Across all kinds of employers, nearly 81% of employees felt their advance prospects were "excellent or good," and only 31% planned to seek a new job in the next year.</p> <p><img src="https://assets.econsultancy.com/images/0007/9128/cssfigure7_1043209.jpg" alt="" width="500" height="625"></p> <p>But companies in some parts of the market probably shouldn't get complacent.</p> <p>Despite the fact that they still offer the highest average salaries, an almost equal number of healthcare marketers at manufacturers indicate they'll be looking for a new job in the coming year as those say they won't be.</p> <p>And a much higher percentage of marketers in media for healthcare professionals and consumer (70%) believe they have better advancement prospects than their counterparts in manufacturing, agencies and suppliers do.</p> <p>There's also the challenge of convincing marketers outside of healthcare to join the field, particularly at the entry-level.</p> <p>Lisa DuJat, chief talent officer at FCB Health, told MM&amp;M, "College grads who want to go into advertising will say that they're not interested in healthcare, that they don't find it sexy enough. [The industry] can't do enough to address that."</p> <p>According to John Marchese of healthcare communications firm Sudler &amp; Hennessey, part of the solution is to think outside of the box. "In terms of finding talent, the tough decision is not to look in the same places where you've always looked."</p> <p>That could be increasingly crucial as many companies, particularly in the <a href="https://econsultancy.com/blog/67747-pharma-marketers-should-use-storytelling-to-improve-the-industry-s-reputation/">pharma</a> and <a href="https://econsultancy.com/blog/68239-for-iot-medical-device-firms-security-issues-are-no-longer-just-bad-pr/">medical device</a> markets, face reputational threats and <a href="https://econsultancy.com/blog/67131-pharma-s-mobile-social-efforts-aren-t-as-healthy-as-they-should-be/">need to bulk up their digital efforts</a> before they lose the ability to reach consumers and healthcare professionals through online and mobile channels.</p> <p><em>For more detail on marketing salaries:</em></p> <ul> <li> <a href="https://econsultancy.com/reports/career-and-salary-survey-report-2016/">Career and salary survey report 2016</a> </li> <li> <a href="https://econsultancy.com/blog/67480-should-female-content-specialists-be-worried-by-our-salary-survey/">Should female content specialists be worried by our salary survey?</a> </li> </ul> tag:www.econsultancy.com,2008:BlogPost/68186 2016-09-12T11:56:00+01:00 2016-09-12T11:56:00+01:00 A model for Digital Transformation: Pioneers, settlers & town planners Andy Budd <p dir="ltr">But when digital disruption comes knocking, this rigid specialisation can also be their downfall. </p> <p dir="ltr">My friend Matt Locke suggests companies have a dominant tempo. Fashion brands work around seasons, publishers on editions, and tech companies in sprints.</p> <p dir="ltr">If you come from a different discipline, like digital design, there's a good chance you will clash with the dominant tempo, and get rejected.</p> <p dir="ltr">As a fan of the concept of “<a href="https://en.wikipedia.org/wiki/Shearing_layers">shearing layers</a>” popularised by Stewart Brand, the idea of tempo clashes rings true to me. </p> <p dir="ltr">I recently came across the concept of <a href="http://blog.gardeviance.org/2015/04/the-only-structure-youll-ever-need.html">Pioneers, Settlers and Town Planners</a> (PST) which is derived from Robert X Cringely's "Accidental Empires". This builds on the shearing layer model.</p> <p dir="ltr">PST holds the idea that there are essentially three types of behaviours and cultures in the business landscape.</p> <h3 dir="ltr">Pioneers</h3> <p dir="ltr">Pioneers are your typical early stage startup types; designers and technologists who like charting new territory, taking risks, and exploring novel approaches.</p> <p dir="ltr">They are comfortable with a high degree of uncertainty and their experiments often fail.</p> <p dir="ltr">Rather than feeling dejected, pioneers see it as a huge learning opportunity. They are early adopters and bedroom hackers, always playing at the edge of the <a href="http://www.practicallyefficient.com/2010/09/28/the-adjacent-possible.html">adjacent possible</a>. </p> <p dir="ltr"><img src="https://assets.econsultancy.com/images/0007/8965/pioneers.jpg" alt="" width="848" height="565"></p> <p dir="ltr">Pioneers are great at innovating new products, getting them to beta, and figuring out product-market fit.</p> <p dir="ltr">Their mantra of “move fast and break things” doesn’t always work at scale.</p> <p dir="ltr">It’s common for pioneers to hop between teams and startups, always looking to be at the bleeding edge where their skills are most valued.</p> <h3 dir="ltr">Settlers</h3> <p dir="ltr">Once the territories have been charted, the settlers come into their own.</p> <p dir="ltr">Settlers see opportunity opening up in front of them, and know how to take advantage of it.</p> <p dir="ltr">In the new world they were the early homesteaders, cattle barons and gold miners, turning the natural resources discovered by the pioneers into cold, hard cash.</p> <p dir="ltr">Later settlers opened saloons and stores, supporting the early pioneers. After all, it’s often better to sell shovels in the midst of a gold-rush. </p> <p dir="ltr">In today's world, the settlers are the entrepreneurs, startup founders, growth hackers and social media marketing execs.</p> <p dir="ltr">They excel at spotting new opportunities, nurturing them, and getting them to scale.</p> <p dir="ltr">Most new companies are started by pioneers, but it’s the settlers who make the ventures successful. </p> <h3 dir="ltr">Town planners</h3> <p dir="ltr">Maintaining scale is difficult. This is where the town planners step in.</p> <p dir="ltr">These city elders are the department leaders and operations teams; the design researchers, dev-ops specialists and QA teams.  </p> <p dir="ltr">They bring a level of rigour and practice to what was once the Wild West, providing structure, dealing with governance, and supporting the entire ecosystem.</p> <p dir="ltr">Town planners can turn a fast growing company into an efficient and well-oiled machine.</p> <p dir="ltr"><img src="https://assets.econsultancy.com/images/0007/8966/sim_city.jpg" alt="" width="599" height="387"></p> <p dir="ltr">Most of the traditional companies I work with have been around for a long time.</p> <p dir="ltr">They’ve been through their pioneering stage many years back, and are now firmly focussed on town planning.</p> <p dir="ltr">They’re optimised to do one or two things very well, be that sourcing new fashions, publishing new authors, or delivering kick-arse code, and they excel at doing this.</p> <h3 dir="ltr">The pace of change</h3> <p dir="ltr">The business landscape is changing much faster than companies realise.</p> <p dir="ltr">Technology isn’t just something your CTO can buy in. It comes with a set of cultures, processes and practices that are fundamentally changing the way businesses work. </p> <p dir="ltr">Technology is also changing consumer expectations in a massive way, and the town planners are struggling to keep up.</p> <p dir="ltr">Every new change requires a feasibility study, a policy decision and new governance criteria.</p> <p dir="ltr">All this effort is wasted if there are no pioneers and settlers around to implement these edicts.</p> <p dir="ltr">Older organisations have the tendency to accrete policy rather than take advantage of opportunity.</p> <p dir="ltr">The tech companies realised this, which is why they’ve always strived to maintain a healthy balance of pioneers, settlers and town planners.  </p> <p dir="ltr">When the environment starts to change, the pioneers are already there, looking for new opportunities.</p> <p dir="ltr">When something interesting comes up, the settlers can quickly turn it into a new revenue stream, keeping the system flexible.</p> <p dir="ltr">The small number of town planners these organisations have are there to support the pioneers and settlers, giving them just enough structure to be efficient, but no more.</p> <p dir="ltr">For traditional businesses, this means cutting down the number of town planners required, building an amazing team of settlers, and maintaining enough pioneers to manage the change and feed the business with new opportunities.</p> <p dir="ltr">Essentially it means moving from a command-and-control organisational structure to a networked organisational structure.</p> <p dir="ltr">Agencies trying to help traditional companies manage digital transformation need to identify the pioneers, make it easier for them to do their work, and build out that capability if required.</p> <p dir="ltr">They also need to support the settlers, helping them be more effective through coaching, training and the creation of simple tools, processes and design patterns.</p> <p dir="ltr">Lastly they need to work with the town planners to ensure that they have the right governance, zoning and infrastructure in place. </p> <p dir="ltr">Digital transformation projects are doomed to fail if they only focus on one of these constituents; like trying to create new pioneers through an innovation hub, or imposing a design language on teams with no thought to how if fits into the existing workflow.</p> <p dir="ltr">Only by working across all three shearing layers, and with all these constituents, can you truly embrace <a href="https://econsultancy.com/training/digital-transformation/">digital transformation</a>.</p> tag:www.econsultancy.com,2008:Report/4230 2016-09-07T11:00:00+01:00 2016-09-07T11:00:00+01:00 Embracing Digital Transformation in the Pharma and Healthcare Sectors <p>The <strong>Embracing Digital Transformation in the Pharma and Healthcare Sectors </strong>report looks at the opportunities that digital presents in these sectors, how they are responding to the changing needs of customers, the challenges companies are facing in digitally transforming themselves and how they are approaching these challenges.</p> <h2>Methodology</h2> <p>We carried out a series of in-depth interviews with senior digital professionals from across a range of pharmaceutical, biopharmaceutical and consumer healthcare companies to understand how they were responding to different opportunities and challenges.</p> <p>Companies interviewed included Alere Inc, Fermenta Biotech Limited, GSK Consumer Healthcare, MSD AP, Lenovo Health, Ogilvy Commonhealth Worldwide (OCHWW), Roche Products Limited and Takeda Pharmaceuticals.</p> <p>We also looked at sector-specific data from our <a title="Quarterly Digital Intelligence Briefing: 2016 Digital Trends" href="https://www.econsultancy.com/reports/quarterly-digital-intelligence-briefing-2016-digital-trends">2016 Digital Trends report</a> published earlier this year.</p> <h2>You'll discover findings around:</h2> <ul> <li>Why companies need to have digital transformation on their agenda.</li> <li>How companies are responding to the changing needs of customers and putting them at the centre of everything.</li> <li>Ways in which companies are looking at digital and how it can support interactions with their customers.</li> <li>How companies are focusing on optimising content as a top digital opportunity and challenging the way they deliver content.</li> <li>The need for change management to deliver digital transformation and how companies are driving this cultural shift.</li> <li>How companies are demonstrating the value of digital and developing digital skills across their organisations.</li> <li>The new opportunities and challenges from innovation and technology.</li> <li>Overcoming the obstacles ahead as digital becomes more of a focus for companies.</li> </ul> <p><strong>Download a copy of the report to learn more.</strong></p> <p>A <strong>free sample</strong> is available for those who want more detail about what is in the report.</p> <h2>How we can help you</h2> <h2 style="font-weight: normal; color: #3c3c3c;"><a style="color: #2976b2; text-decoration: none;" href="https://econsultancy.com/training/digital-transformation" target="_self"><img style="font-style: italic; height: auto; float: right;" src="https://assets.econsultancy.com/images/resized/0004/8296/rgb_dt_logo-blog-third.png" alt="Digital Transformation" width="200" height="66"></a></h2> <p style="font-weight: normal; color: #3c3c3c;"><a title="Digital transformation - Econsultancy" href="https://econsultancy.com/training/digital-transformation/">Digital transformation</a> is a journey that's different for every organisation. To enable delivery of your digital vision (or help you shape that vision) we’ve designed a comprehensive approach to tackle your transformation.</p> <p>Covering everything from strategic operational issues, down to specific marketing functions, we will work with you to achieve digital excellence.</p> <p>Talk to us about an initial, no-cost consultation.</p> <p>Contact our Digital Transformation Team on <a href="mailto:transformation@econsultancy.com">transformation@econsultancy.com</a> or call</p> <ul> <li> <p>EMEA: +44 (0)20 7269 1450</p> </li> <li> <p>APAC: +65 6809 2088</p> </li> <li> <p>Americas: +1 212 971-0630</p> </li> </ul> <p style="color: #6b6b6b;"> <iframe src="https://www.youtube.com/embed/2q_lWLm5qtg?wmode=transparent" width="560" height="315"></iframe></p> tag:www.econsultancy.com,2008:BlogPost/68273 2016-09-07T09:37:16+01:00 2016-09-07T09:37:16+01:00 Is customer loyalty extinct in financial services? David Moth <p>At a DMA event I attended this week several industry speakers discussed exactly this topic, and the prognosis for financial services appears to be fairly depressing.</p> <p>I’ll get the bleakest vision of the future out the way first.</p> <p>During an overview of disruptive fintech startups, Barry Clark from Future Foundation mentioned an app called <a href="https://www.knip.ch/">Knip</a> that acts as a mobile insurance broker.</p> <p>The app enables users to compare and buy insurance products, manage their policies, and even make a claim.</p> <p>While this sounds like a great service for users, this type of app has potentially dire consequences for financial services companies.</p> <p>As Clark pointed out, in this example Knip owns the customer relationship and products are completely commoditized. The insurance companies are just faceless providers.</p> <p>If these apps continue to gain popularity (and potentially branch into other areas, such as banking), should financial services companies stop investing in brand marketing altogether?</p> <p>Would it not make more sense to focus all investment into creating a brilliant back-end and operations team to ensure that integration with platforms like Knip is quick and simple?</p> <p>Stripping out marketing costs would also mean that products are cheaper for the end user.</p> <h3>Emphasising value over price</h3> <p>Following on from Clark, Katrina King from Direct Line Group (DLG) asked how financial services can combat price comparison sites by shifting their messaging to emphasise value instead of price.</p> <p>The harsh truth of the matter is that loyalty to insurance companies is mainly due to customer apathy.</p> <p>If people can be bothered to shop around for a new policy, then decisions are often driven by price - a reality reflected in the marketing messages we see from financial services companies. </p> <p><img src="https://assets.econsultancy.com/images/0007/8830/price_vs_value.jpg" alt="" width="800" height="421"></p> <p>The challenge for DLG, which shuns comparison sites, is how to avoid this race to the bottom and put the focus on the value of its services rather than the cost.</p> <p>The result was DLG’s recent ‘Fixers’ campaign featuring Harvey Keitel, which highlighted the ways in which the company helps customers when they have an emergency.</p> <p>For example, DLG provides a free hire car for 21 days if a customer’s own vehicle is stolen or damaged.</p> <p><iframe src="https://www.youtube.com/embed/QW0Y1cHpocM?wmode=transparent" width="640" height="360"></iframe></p> <p>King said that most customers only recognise the value of their insurance product when they’re complaining about something (e.g. “Why don’t you cover xx?”), as people buy on price assuming they’ll never actually have to make a claim.</p> <p>Therefore the campaign had to put a big focus on educating customers as to why value is important when buying insurance.</p> <h3>Great success</h3> <p>The Fixers campaign achieved excellent results for DLG.</p> <p>This slightly blurry slide shows that the number of people who said they feel close to the Direct Line brand increased by eight percentage points from August 2014 to September 2015.</p> <p><img src="https://assets.econsultancy.com/images/0007/8831/campaign_results.jpg" alt="" width="900" height="450"></p> <p>Furthermore, DLG received a number of positive emails from customers thanking the business for adding the benefits such as free car rental.</p> <p>As you can probably imagine, it’s not often that people write to their insurance company to say thanks.</p> <p>King said that the campaign was a success as it was created with the customer in mind. Furthermore, the messages were constantly tested and optimised to ensure maximum impact.</p> <h3>What does the future hold?</h3> <p>King’s final slide presented her view for how insurance brands can continue to compete with price comparison sites and fintech startups.</p> <p>That’s also where this post will finish.</p> <p><img src="https://assets.econsultancy.com/images/0007/8832/the_future.jpg" alt="" width="900" height="472"></p> <p><em>For more on this topic, read:</em></p> <ul> <li><a href="https://econsultancy.com/reports/digital-transformation-in-the-financial-services-sector-2016/"><em>Digital Transformation in the Financial Services Sector</em></a></li> <li><a href="https://econsultancy.com/blog/67919-five-fintech-start-ups-aiming-to-replace-traditional-banking/"><em>Five fintech start-ups aiming to replace traditional banking</em></a></li> <li><a href="https://econsultancy.com/blog/67202-what-s-the-future-for-big-banks-in-a-fintech-world/"><em>What's the future for big banks in a fintech world?</em></a></li> </ul> tag:www.econsultancy.com,2008:BlogPost/68178 2016-08-30T14:34:54+01:00 2016-08-30T14:34:54+01:00 Five tips for how to future-proof your marketing technology Lindsay McEwan <p>But we all know life begins at 30, so one thing we can be certain about as we look to the future is that the development of marketing technology doesn’t stop here.</p> <p>The methods and channels customers use to interact with brands are continually evolving and the rapid development of systems and technologies means new possibilities open up virtually overnight. </p> <p>The traditional waterfall approach to technology planning – where business requirements and technical capabilities were understood in advance – is no longer effective in this highly dynamic situation.</p> <p>Marketers now need a future-proof system that can adapt to the next generation of marketing tech and ride the wave of innovation, whichever direction it takes them. </p> <p>So what does a future-proof system look like and what do marketers need to know now to prepare for the next stage in the marketing technology lifecycle? </p> <h3>1. Make flexibility the number one priority </h3> <p>The key to a future-proof marketing system is the flexibility to accommodate unanticipated new technologies and requirements.</p> <p>This requires an extensible modular framework where components can be replaced or added without restructuring the entire system. </p> <p>By creating this type of flexible architecture, marketers benefit from greater marketing agility as they can quickly adopt new techniques.</p> <p><img src="https://assets.econsultancy.com/images/0007/8585/modular.jpg" alt="" width="578" height="385"></p> <p>They also enjoy better integration with data shared between systems providing a <a href="https://econsultancy.com/training/courses/intensive-mastering-customer-experiences/">seamless customer experience</a>, and reduced costs as new technologies can be deployed without expensive changes to the existing system. </p> <h3>2. Centralise all sources of consumer data </h3> <p>While the technologies that make up a future-proof marketing system will be upgraded and supplemented, the core functionalities that it must support will remain constant.</p> <p>The most important of these is the unification of customer data from disparate sources, enabling any type of query or extraction to access that data. </p> <p>This includes connection with customer-facing systems that aren’t owned by the organisation such as social networks, which can provide valuable user information.</p> <p>Selecting the right tools to aggregate and analyse customer data is a vital part of building a future-proof marketing system. </p> <h3>3. Employ enhanced connectivity for instant data transfer </h3> <p>Other functionalities a flexible system must be able to support include marketing management tasks such as planning, budgeting, content creation and access, and results analysis.</p> <p>These individual tasks may all be performed by different technologies. </p> <p>The system must be capable of analysing data from multiple systems to select the best customer treatments.  </p> <p>Furthermore it must allow instant transfer of data to enable real-time actions to be triggered using information about the customer’s immediate situation.             </p> <h3>4. View technology acquisition as an on-going process </h3> <p>A future-proof marketing technology system is distinct from a more traditional system in a number of ways. </p> <p>Its architecture is built on the goal of flexibility rather than specific marketing programs, and all components of the system meet general compatibility criteria including integration standards.</p> <p>The system is created with the assumption that components will be continually changed in line with technological developments and evolving marketing needs. </p> <p>This means technology acquisition is an on-going process rather than a project with a start and end date.  </p> <p>Because future-proof systems use standard interfaces, marketers have a far wider choice of individual solutions and can select the best technology for each task, including independent minor components to complement major components. </p> <h3>5. Align the organisation around a flexible philosophy</h3> <p>While a flexible system is crucial to future-proof marketing, it can only be effective if the organisation itself is equally flexible.</p> <p>A change-oriented mind-set – where continuous reinvention is expected and welcomed – is essential, as is an approach where every technological component is evaluated based on its ability to integrate. </p> <p>Organisations must develop a consistent measurement framework for assessing business outcomes if they want to interchange individual components without disrupting the whole system. </p> <p>Businesses need to focus less on hiring experts in specific systems and more on developing general analytical and technical skills.</p> <p>They also need to promote inter-department co-operation as systems of the future will be centred on the customer rather than the department.    </p> <h3>Six steps to future-proof marketing tech </h3> <p>So to recap, organisations must take the following steps to make the most of evolving technologies: </p> <ul> <li>Adopt a modular system with standard interfaces where components can be swapped or added with minimal disruption. </li> <li>Integrate a customer data platform (CDP) to centralise all sources of consumer data. </li> <li>Accept technology procurement will be continual process.  </li> <li>Promote a company mind-set that views change as positive and beneficial. </li> <li>Focus on analytical and technical skills in marketer recruitment and training. </li> <li>Ensure a feedback loop is in place; analyse and quantify financial impact of investment.</li> </ul> <p>We may feel marketing technology has already come of age but it is only just beginning to mature – and there are endless unpredictable life changes ahead. </p> <p>To take full advantage of the technological developments in store, marketers must build future-proof systems with interchangeable components that allow the aggregation, analysis, and transmission of customer data, as well as aligning their organisations around this flexible philosophy.</p> tag:www.econsultancy.com,2008:BlogPost/68215 2016-08-25T14:24:00+01:00 2016-08-25T14:24:00+01:00 Are regulations impeding financial services innovation? Patricio Robles <p>As <a href="http://www.ft.com/cms/s/0/66c75f74-6790-11e6-ae5b-a7cc5dd5a28c.html">detailed by</a> The Financial Times, BBVA is asking the European Commission to make changes to the bonus cap rules, which apply to employees who are "material risk takers" or earn more than €500,000 per annum.</p> <p>BBVA says that the bonus cap rules are making it difficult to compete and innovate, and that they should be amended.</p> <p>Specifically, BBVA would like to see that they're not applied to technology specialists, which the bank notes have seen their compensation increase but who don't expose the bank to the type of risks traders do.</p> <p>"In some cases we compete against US banks or tech companies on acquisitions. Their bonuses are not capped, so we may lose out," BBVA's digital M&amp;A chief, Juan López Carretero, told the FT.</p> <blockquote> <p>If you can design an app so a payment is done in two clicks instead of eight clicks that is valuable but it isn’t putting the bank at risk.</p> </blockquote> <p>BBVA is considered one of the more tech-friendly large banks.</p> <p>It <a href="https://www.bbva.com/en/news/economy/corporate/finance/bbva-acquires-simple-to-accelerate-digital-banking-expansion/">acquired Simple</a>, a US banking startup, for $117m in 2014, <a href="https://www.bbva.com/en/news/general/bbva-acquires-finnish-banking-start-holvi/">and Finnish business banking startup Holvi</a> in March. </p> <p>BBVA has invested in a number of financial services startups, including <a href="http://www.ft.com/cms/s/0/b71ad596-91f3-11e5-94e6-c5413829caa5.html">UK mobile bank Atom</a>, and earlier this year it <a href="http://www.americanbanker.com/news/bank-technology/whats-behind-restructuring-of-bbvas-fintech-venture-fund-1079319-1.html">created an independent venture firm</a>, Propel Venture Partners, to "invest in technology-driven companies that are Rethinking and Rebuilding financial services."</p> <p>With more and more <a href="https://econsultancy.com/blog/67919-five-fintech-start-ups-aiming-to-replace-traditional-banking">startups looking to disrupt traditional banking</a>, rules that make it more difficult for banks like BBVA to recruit top tech talent or acquire promising young companies would indeed appear to be a legitimate concern.</p> <p>But big banks shouldn't fall into the trap of believing that the ability to open their wallets more freely is the key to thwarting would-be disruptors and spurring innovation.</p> <p><strong>First,</strong> in the battle for talent, <a href="https://techcrunch.com/2015/06/25/a-closer-look-at-the-silicon-valley-vs-wall-street-talent-war/">it's not all about money</a>.</p> <p>Many of those who are choosing Silicon Valley over Wall Street and The City aren't doing so just because they see the opportunity to make more money.</p> <p>Big banks are seen by many as stodgy and bureaucratic, making them less attractive for job seekers looking for opportunities that will give them the ability to do interesting work and make an impact.</p> <p>Additionally, the financial services industry's reputation hit post-2008 hasn't helped matters.  </p> <p><strong>Second,</strong> as far as acquisitions and partnerships are concerned, banks will need to prove that they can integrate with the upstarts they acquire and partner with.</p> <p>BBVA appears to be on the right track in this regard <a href="https://www.finextra.com/newsarticle/28693/simple-to-move-customer-accounts-to-bbva-compass-platform">thanks to investment in APIs</a>, but it's still very early in the game and it's not clear that large financial institutions will be able to acquire or partner their way to success.</p> <h3>Regulation to the rescue?</h3> <p>Ironically, regulation might soon provide some relief for banks under attack from fintechs.</p> <p>Their rapid rise has not gone unnoticed by regulators and it's possible that fintech upstarts will soon find themselves subject to much greater scrutiny.</p> <p>For example, in the US, state and federal regulators, including the FDIC, <a href="http://www.wsj.com/articles/greater-scrutiny-looms-for-bank-online-lender-rent-a-charter-deals-1471824803">are eyeing new guidelines</a> that would allow greater oversight of online lenders.</p> <p>If they become subject to more regulation, these upstart non-bank lenders could see many of the advantages they've used to gain market share slip away, making it easier for banks to compete for loan business once again.</p> <p>That could be good news for banks, at least in the short-term, but even if fintechs are saddled with new regulatory burdens, the reality is that <a href="http://www.americanbanker.com/news/bank-technology/what-do-millennials-want-from-banks-everything-nothing-whatever-1079945-1.html">consumer behavior and expectations have changed and continue to change</a>.</p> <p>Banks that want to thrive will need to address this and they can't do that with money alone.</p> tag:www.econsultancy.com,2008:BlogPost/68214 2016-08-24T14:41:52+01:00 2016-08-24T14:41:52+01:00 40% of banks in the US have registered a .bank domain Patricio Robles <p>Only verified banks and savings associations are permitted to register .bank domains, and registrants are required to adhere to "enhanced security" requirements, such as the use of strong encryption.</p> <h3><strong>So how is .bank doing?</strong></h3> <p><a href="http://www.bna.com/banks-flock-newbank-n73014446420/">According to</a> Bloomberg Law, 2,883 banks have registered nearly 6,000 .bank domains since the gTLD went live in mid-2015. </p> <p>fTLD Registry Services' Craig Schwartz says that that amounts to "a slightly better than 40% market penetration of banks that have bought .bank domain names" in the US.</p> <h3>Adoption versus use</h3> <p>Schwartz says that of the banks that have registered .bank domains, "a couple of hundred" have actually migrated to use a .bank domain.</p> <p>One such bank is Lead Bank, a three-branch bank located in Missouri, which migrated its website from leadbankonline.com to <a href="https://www.lead.bank/">lead.bank</a>.</p> <p>Lead Bank's marketing director, Melissa Beltrame, explained the rationale to Bloomberg Law's Paul Shukovsky:</p> <blockquote> <p>.bank allows differentiation of the bank from a branding perspective, a strategic perspective and a technology perspective. It’s the market perception that community banks lag and have less technology than national banks.</p> <p>It’s to our advantage to adopt .bank, which helps us to start changing that perception.</p> </blockquote> <p>Beltrame indicated that there were concerns about the effects the migration might have on the bank's brand equity, but that "clients understood why we were making the migration and came right along with that."</p> <p>She did not comment on any SEO effects.</p> <p>Despite the fact banks have been slow to put .bank domains into real-world use, fTLD Registry Services' Schwartz is confident that other banks will follow Lead Bank's lead and believes 2017 will be a "tipping point."</p> <p>In an effort to speed the process, Schwartz says his organization is working with banks to assist them with migration plans. </p> <h3>Low recognition of new TLDs a challenge despite security concerns</h3> <p>With hacking and identity theft on the rise, the security value proposition of the .bank gTLD is obvious.</p> <p>But banks considering a switch from .com to .bank will have to contend with comparatively low recognition of new gTLDs.</p> <p>While recognition is up in 2016 versus <a href="https://econsultancy.com/blog/66557-new-top-level-domains-struggle-for-recognition/">2015</a>, awareness in North America is still well under 50% <a href="https://www.icann.org/news/announcement-2-2016-06-23-en">according to ICANN's latest study</a>, a far cry from the 95% awareness of .com. </p> <p>What's more, despite increased awareness, reported visits to new gTLDs have actually declined in the past year.</p> <p>Large banks like Barclays, <a href="https://econsultancy.com/blog/67789-five-companies-using-branded-top-level-domains-tlds-why/">which actually has its own brand TLDs</a>, .barclays and .barclaycard, might be able to overcome the recognition challenge.</p> <p>But expect smaller institutions, which don't have huge marketing budgets and may lack the technical expertise needed to ensure their website migrations go smoothly, to take a wait and see approach.</p> tag:www.econsultancy.com,2008:RoundtableEvent/827 2016-08-10T11:52:32+01:00 2016-08-10T11:52:32+01:00 Digital Transformation: Developing a Customer Centric Culture <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Aimed at those leading transformation initiatives</strong>, our <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://econsultancy.com/training/digital-transformation/">Digital Transformation</a> roundtable series is designed to give you both insight into the trends and findings from our latest research, and the opportunity to discuss with your peers the issues you’re facing.</p> <p>With the customer owning the relationship more than ever before, it is increasingly important to put the customer at the heart of your organisation. Being truly customer centric requires everybody within your organisation to live and breathe the same values.  </p> <p>You are required to understand who your customers are, their needs, challenges, behaviours and how to react as they adapt.</p> <p>But if you’re not already doing this, how do you manage the cultural shift? </p> <p>This roundtable will explore key challenges in developing a customer centric culture and how to make it stick. </p> <h3 style="border: 0px; vertical-align: baseline; color: #004e70;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Agenda</strong></h3> <p>We will discuss: </p> <p>- understanding your customer </p> <p>- using data to anticipate and respond to customer needs</p> <p>- managing an “always on” approach </p> <p>- customer centricity and organisation structure </p> <p>- the need for a chief customer officer? </p> <p>- managing customer centricity across people, process technology and culture</p>